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This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
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cash flows of the asset can be derived from yield curve of risk-free returns. With these assumptions, I derive a theory of …
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Recent concern over "high frequency trading" (HFT) has called into question the fairness of the practice. What does it … also be used for manipulative strategies as well. We then examine different notions of fairness. Procedural fairness can be … HFT as to other traders. Another approach to fairness is in the equality of outcomes. Many HFT strategies are beneficial …
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